President Bola Tinubu has signed into law four major tax reform bills aimed at overhauling Nigeria’s fiscal and revenue administration landscape. The development marks a significant milestone in the government’s drive to improve tax compliance, boost revenue generation, and create a more conducive environment for domestic and foreign investment.
The four bills signed into law are the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
The signing ceremony, held in Abuja, followed months of legislative scrutiny and wide consultations with key stakeholders across the private and public sectors. The bills were passed by the National Assembly before being presented to the president for assent.
In a statement released after the event, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, noted that the new laws are designed to streamline Nigeria’s complex tax system, enhance the efficiency of tax collection, and improve the ease of doing business in the country.
According to Onanuga, when fully operational, the new tax framework is expected to significantly transform Nigeria’s tax landscape. The reforms are projected to increase government revenue, reduce administrative bottlenecks, and encourage both local and international investors.
The move aligns with President Tinubu’s broader economic agenda under the Renewed Hope Initiative, which seeks to diversify government income sources and reduce over-dependence on oil revenue.